ITW Signode India was incorporated as a private limited company in 1979. With active financial and technical collaboration, the then Nagarjuna Signode started operations in 1984. In 1986, Signode Corporation was acquired by Illinois Tool Works (ITW, US), a Fortune-500 company. ITW being the main collaborator and largest shareholder, its name was changed to ITW Signode India in 1992. Presently ITW holds 51% stake in the company.
Today, ITW Signode India is a multi-product, multi-location / market-oriented and profit-making company, gaining a reputation for delivering world-class products in the areas of packaging machinery, equipment, systems and consumables, engineered polymers, quality assurance products, electronic and mechanical systems and components, industrial lubricants and speciality chemicals. It serves the key and core sectors like aerospace, ship-building and repair, defence and electronics, apart from engineering, food processing, fertilisers, petrochemicals, textiles, distilleries and breweries, consumer durables and non durables and a host of other industries.
The company set up an edgeboard manufacturing unit at Silvassa in Sep.'95, which was part financed through a rights issue in Nov.1995. During 1998-99, the formalities of the merger of Allied Coatings and Compounds (100% subsidiary) with the company have been completed as per scheme of merger approved by honourable high court of Andhra Pradesh.
During 1999-2000, the company has decided to withdraw from its Haldia project, due to review from international benchmarking identifing that incremental market requirement can be satisfied by productivity and operaitoinal improvements of existing manufacturing facility. Further restructuring programme implemented has begun to provide significant benefits and enabled the company to achieve debt-free status and improve profitability.
Recently Illinois Tool Works Inc, US, has made an offer to acquire 11,209,354 fully paid-up shares of Rs 10 each for Rs 80 per share in cash. With this offer the parent company stake in the Indian subsidiary, ITW Signode India, will stand increased from the current 51% to 100%. The Company is planning to set up a PET Strapping manufacturing unit and Palletising/Unitising Polypropylene Strapping production line unit at Silvassa. The trial productions have already commenced and commercial production is expected to commence shortly.